PHP (recursive acronym for PHP: Hypertext Processor) is a widely-used open source general-purpose scripting language that is especially suited for dynamic web development and can be embedded into HTML...
And that's all I got from the web, W3Schools, Wikipedia, Stack Overflow and even my lecturers at the University.
Can anyone tell me what exactly the P stands for or why it doesn't follow the meaning of PHP and/or why hasn't it been removed?
It used to stand for Personal Home Page; however, as it grew to be a bit more than a scripting/templating language for simple projects, its meaning was changed to PHP: Hypertext Preprocessor. The first 'P' now stands for PHP itself.